It's my first time for the roof.

I am drawn to multi family homes and think I would like to start close to home here in the Twin Cities, but the more I listen and read, the less opposed I am to looking out of state. 

If I die before receiving the full purchase amount my friend will pay my daughter the remainder.

I also don't understand why you would want to tie up your cash so long without the benefits of owning the properties.The scenario of you buying a few now and the rest in a couple years seems to be the most appealing for you both, why are you adverse to that?

Also, expect deferred maintenance.Your #1 concern should be, can you fix the problems the seller has or will you eventually have to dump the property also?

The amount of the EMD only matters if you don't actually plan on closing.

For this project, that would mean targeting land in the $1.5 million range.

Cost segs unlock these savings, but the losses won't offset your ordinary income from your job unless you are an RE Pro.Here's how to think about RE Pro status to make the best case with your CPA and the IRS:RE Pro Status starts with the IRS definition of a Real Estate Professional (IRS Pub 925).It is not as simple as getting a real estate license or working for a firm that provides real estate services.Ask yourself these questions to see if you qualify:Q1: Are you in the right business?

And the reality is the lot is NOT split, and the real cost in doing so, the impact on cashflow and the risk to my loan make it an untenable effort unless I planned to sell right away. 

Are the other parties to the agreement the property owner sharing the well and maybe an HOA?